Section 2(42): Exempt Supplies: This has been defined to mean supply of any goods and/or services which are not taxable under this Act and includes such supply of goods and/or services which attract nil rate of tax or which may be exempt from tax under section 11. When we compare this definition with definition in … Read more
As the GST law has been revised, it is pertinent to note down what all issues still remain un-tackled or untouched. Also certain provisions are there which are yet again drafted in such a way that they would attract litigation. Here we are discussing two such provisions: Starting with the definition of agriculture, its scope … Read more
As we have discussed in earlier GST updates that registration under GST regime is required only if the turnover of the assessee crosses the threshold limit of Rs twenty lacs. Today in this update we shall analyse the definition of “aggregate turnover” and changes brought in by Revised GST Draft Law. The definition of aggregate … Read more
2(17) Business: the new definition reads as follows: “Business includes – (a) Any trade, commerce, manufacture, profession, vocation or any other similar activity, whether or not it is for a pecuniary benefit; (b) Any activity or transaction in connection with or incidental or ancillary to (a) above; (c) Any activity or transaction in the nature … Read more
Continuing with the analysis of the revised GST law, we shall today discuss changes bought in the definitions as provided in the law: 2(4) Adjudicating Authority: The new definition reads as follows: “Adjudicating Authority means any authority competent to pass any order or decision under this Act, but does not include the Board, the Revisional … Read more
As the GST law has been revised, it is pertinent to note down what all issues still remain un-tackled or untouched. Also certain provisions are there which are yet again drafted in such a way that they would attract litigation. Here we are discussing two such provisions: Seeing the valuation provisions as prescribed in section … Read more
The eighth meeting of the goods and services tax (GST) council held on Wednesday yet again ended on an uncertain note, effectively ruling out the possibility of implementation of GST from 1 April. In this two day meeting the outcome came out to be insignificant as the litigious issue of sharing of administrative powers was … Read more
Registration of suppliers on the GST Network is one of the important tasks for the professionals nowadays. Along with all other basic information to be collected, scanning of documents and filling the application forms, many of us would get stuck while choosing the right HSN code for the top 5 commodities dealt with by the … Read more
Chapter XVI – Audit The chapter states the provision relating to the audit to be undertaken by the GST authorities. It prescribes the rights and obligation of the GST authorities in the event of conducting an audit. Not much is proposed in the revised draft law. One change that has been proposed is that now … Read more
Credit of eligible duties and taxes in respect of inputs held in stock to be allowed in certain situations This provision intends to enable the taxable person to avail the cenvat of duties and taxes in respect of inputs held in stock subject to certain conditions. The provision reads as follows: (1) A registered taxable … Read more